Revealed: This Indian private company bought the most oil from Russia, the name is..., now tariff may affect profit and margin both
As the Indian government continues to gauge the impact of additional 25 per cent tariff, total 50 per cent, announced by US President Donald Trump, the Indian company, which is the largest buyer of Russian oil, has warned of far reaching consequences of Washington's arbitrary decision.
According to a report, Reliance Industries is India's largest buyer of Russian crude oil. Reliance Industries, in its annual report for the year ending March 2025, underlined that global crude oil prices remained volatile due to geopolitical tension in the Middle East, shifting shipping routes, OPEC and non-OPEC output decisions and other reasons.
However, the company did not mention US tariff imposition in the report.
India historically bought most of its oil from the Middle East, including Iraq and Saudi Arabia. However, things changed when Russia invaded Ukraine in February 2022.
India, the world's third-largest crude importer after China and the US, began snapping up Russian oil that was available at a discount after some in the West shunned it as a means to punish Moscow for its invasion of Ukraine.
Why has Trump singled out India?
Earlier this week, US President Donald Trump on slapped an additional 25 per cent tariff, raising it to 50 per cent, on goods coming from India as penalty for New Delhi's continued purchase of Russian oil, a move that is likely to hit sectors such as textiles, marine and leather exports hard.
The United States has imposed this additional tariff or penalty for Russian imports only on India while other buyers such as China and Turkey have so far escaped such measures. The 30 per cent tariff on China and 15 per cent on Turkey is lower than India's 50 per cent.
What is Trump's stance?
Donald Trump stated that trade negotiations with India will not proceed until the ongoing tariff dispute is resolved, after his administration decided to double tariffs on Indian imports. When pressed by news agency ANI at the Oval Office, whether he expected talks to resume in light of the new 50% tariff. 'No, not until we get it resolved,' he replied.
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